Question

What is the law of variable proportion ? Give assumptions also _

Answer 1

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What is law of variable proportion ?

Ans --

This law states that, when we Continuously combined the variable factors along with fixed factors then in starting the marginal product will rise but at some time it starts to get fall and became negative or zero...

Assumptions of this law --

• Technology used in the production remains constant...

• Ideal ration of fixing factors can be changed...

• Variable factors should be homogenous...

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Answer 2

Law of Variable Proportions:

"in a given state of technology, when the units of  variable factor of production (L) are increased within the units of other fixed factors, the marginal productivity increases at increasing rate up to a point, after this point. it will become less and less"

Assumptions:

The assumptions of the law of variable proportion are given as below:

It is assumed that the technique of production should remain constant during production.It operates in the short-run because in the long run, fixed inputs become variable.Some inputs must be kept constant.The various factors are not to be used in rigidly fixed proportions but the law is based upon the possibility of varying proportions. It is also called the law of proportionality.It is assumed that all the units of variable factors of production are homogeneous in amount and quality.It is assumed that labor is a single variable factor.